Global Ports' uneasy H1/2020
The Russian container terminal operator Global Ports has reported its figures for the first six months of 2020. Its total consolidated marine container throughput went up 8.4% year-on-year to 774,000 teu, whereas there was a 2.4% year-on-year decline in the Russian container market over the same period.
Bulk volumes also went up, by 11.9% to 2.2 million t. The company's revenues increased by 1.8% to USD 184.4 million, yet due to the impact of VSC transportation services there was a minus of 8.4% like-for-like.
Adjusted ebitda of USD 104.9 million was almost 10% lower than USD 116 million in H1/2019. Nevertheless, operating profit grew by 32.0% to USD 78.7 million, while profit for the period went down by 34% to USD 23.8 million (first half 2019: USD 36.2 million).
The group's outlook is gloomy: "The growth of containerised export, on the back of the decline in containerised import, is having a negative impact on the mix of prices and services provided by the group. When combined with the depreciation of the rouble, the group now expects a high single-digit to low double-digit decline in revenue per teu in 2020." (mw)